About this fund

Robeco Sustainable Global Stars Equities invests in stocks in developed countries across the world. The selection of these stocks is based on fundamental analysis. The fund has a concentrated portfolio of stocks with the highest potential value growth. Stocks are selected on the basis of high free cash flow, an attractive return on invested capital and a constructive sustainability profile.

The value of the investments may fluctuate. Past performance is no guarantee of future results.Annualized (for periods longer than one year).Cumulized (total amount of return).Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.Performances are net of fees and based on transaction prices.

Fund

Reference index

The value of the investments may fluctuate. Past performance is no guarantee of future results.Annualized (for periods longer than one year).Cumulized (total amount of return).Performances are gross of fees and based on closing values. In reality, costs (such as management fees and other costs) are charged. These have a negative effect on the returns shown.Performances are net of fees and based on transaction prices.

Market development

The month of August did not provide us with more visibility on the geopolitical front. On the contrary, the tension between the authorities in Beijing and Hong Kong worsened, the political fights in both Italy and the UK escalated and the trade saga dragged on with the renminbi breaking the threshold of RMB 7 to the USD. Recession fears increased with more calls for fiscal stimulus on top of the monetary easing we are witnessing. As a consequence the bifurcation between value and high momentum growth names widened and interest yields dropped further with nearly USD 17 tn of negatively yielding debt, mostly in the euro area. The entire yield curve of Germany, including the 30-year Bund, is in negative territory. Balance sheet financials sold off as the economic model is under severe pressure. Barring any severe recession, equities offer a strong alternative with 2.5% dividend yield.

Fund Classification

Currency policy

The fund is allowed to pursue an active currency policy to generate extra returns and can engage in currency hedging transactions.

Dividend policy

The fund does not distribute dividend. The fund retains any income that is earned and so its entire performance is reflected in its share price.

ESG Integration policy

Robeco Sustainable Global Stars Equities integrates ESG at different stages of the investment process. We use sustainability performance rankings to focus our fundamental analysis on companies that have demonstrated superior sustainability performance compared to their peers. We then analyze the impact of financially material ESG factors to a company’s competitive position and value drivers. We believe that this enhances our ability to understand existing and potential risks and opportunities of a company. If ESG risks and opportunities are significant, the ESG analysis could impact a stock’s fair value and the portfolio allocation decision. Throughout the investment process, we strive for a low environmental impact, as measured by GHG emissions, energy consumption, water use and waste generation, with the aim of realizing 20% better levels than the index. In addition to ESG integration, Robeco conducts proxy voting and engagement activities focused on specific themes, such as climate change, aiming to improve a company’s sustainability profile. Furthermore, the fund will not invest in companies exposed to the following controversial sectors or business practices: military contracting, controversial weapons, fire arms, UN Global Compact breaches, tobacco, palm oil and thermal coal, according to strict revenue thresholds.

Investment policy

Robeco Sustainable Global Stars Equities uses a disciplined and rigorous selection process to find interesting stocks. Stocks are purchased mainly for their potential to increase in value. Fundamental analysis is carried out using a disciplined approach. The fund will not be constrained by its benchmark and stocks will be bought for their capital-appreciation potential. The fund can anticipate currency developments through active currency management. Risk management is fully integrated into the investment process to ensure that positions always meet predefined guidelines.

Expectation of fund manager

Given that growth is becoming more scarce, the premium for good secular growth companies has continued to rise. It has been interesting to see central bank policy around the world really pivot towards supporting growth, in the absence of meaningful inflationary pressure. Our expectation now is that the Federal Reserve will lower rates by 75 to 100 bps during the remainder of 2019 and into 2020. More supportive central bank liquidity will help to contain overall risk and volatility for developed markets and emerging markets alike. We also look at the outcome of the G20 summit positively. The risk to global economic growth and global equity markets clearly had come from the trade tensions between the US and China, and the potential impact of higher tariffs on Chinese goods exported to the US. While there is no resolution as of yet, at least the two super powers will commence talks again, and we think that a deal before the end of the year is likely. . All in all, our outlook for developed markets remains ‘Neutral’.

Jan Keuppens, Michiel Plakman, CFA

Jan Keuppens, Michiel Plakman, CFA

Jan Keuppens, Executive Director, is the Head of the Global Equities team. Prior to joining Robeco in 2005, he worked as a Portfolio Manager for Quest Management, AXA IM and Corluy & CO. Jan Keuppens started his career in the investment industry in 1997. He holds a Master's degree in Applied Economic Sciences from the University of Leuven. Michiel Plakman is Portfolio Manager of Robeco Global Stars Equities Fund NV. Michiel Plakman is co-PM for the Global Stars fund. Previously, he was responsible for managing the Robeco IT Equities fund within the TMT team. Prior to joining Robeco in 1999, Michiel Plakman worked for two years as a Portfolio Manager Japan at Achmea Global Investors (PVF Pensioenen). From 1995 to 1997, he held a position as Portfolio Manager European Equities at KPN Pension Fund. Michiel holds a Master's degree in Econometrics from the Free University of Amsterdam and he is a CFA charter holder.

Cost of this fund

Ongoing charges

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Fiscal product treatment

The fund is established in Luxembourg and is subject to the Luxembourg tax laws and regulations. The fund is not liable to pay any corporation, income, dividend or capital gains tax in Luxembourg. The fund is subject to an annual subscription tax ('tax d'abonnement') in Luxembourg, which amounts to 0.05% of the net asset value of the fund. This tax is included in the net asset value of the fund. The fund can in principle use the Luxembourg treaty network to partially recover any withholding tax on its income.

Fiscal treatment of investor

The fiscal consequences of investing in this fund depend on the investor's personal situation. For private investors in the Netherlands real interest and dividend income or capital gains received on their investments are not relevant for tax purposes. Each year investors pay income tax on the value of their net assets as at 1 January if and inasmuch as such net assets exceed the investor’s tax-free allowance. Any amount invested in the fund forms part of the investor's net assets. Private investors who are resident outside the Netherlands will not be taxed in the Netherlands on their investments in the fund. However, such investors may be taxed in their country of residence on any income from an investment in this fund based on the applicable national fiscal laws. Other fiscal rules apply to legal entities or professional investors. We advise investors to consult their financial or tax adviser about the tax consequences of an investment in this fund in their specific circumstances before deciding to invest in the fund.

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